Case Law Details
Salarpuria Properties Pvt. Ltd. Vs DCIT (ITAT Kolkata)
Facts- The assessee has filed ROI on 9.10.2010 which was revised on 27.12.2010. The return was processed u/s 143(1) of the Act accepting the returned income. Thereafter the case of the assessee was selected under scrutiny and statutory notices were duly issued and served upon the assessee. During the assessment proceedings, the AO noticed that the assessee has claimed deduction u/s 80IA at Rs. 31,82,31,912/- as well as deduction u/s 80IB at Rs. 57,47,32,064/-.
The AO called upon the assessee to furnish the copies of notification issued by CBDT in respect of its claims u/s 80IA & 80IB of the Act however the same could not be produced in respect of industrial park known as “Salarpuria Touchstone” whereas the notification was duly produced in respect of Salarpuria G.R. Tech Park, Phase-II.
Accordingly the AO came to the conclusion that deduction of Rs. 6,81,07,687/- as claimed u/s 80IA of the Act in respect of “Salarpuria Touchstone” cannot be allowed in absence of the notification of CBDT and consequently the same was rejected by the AO in the assessment framed u/s 143(3) of the Act vide order dated 26.03.2013.
Conclusion- Undisputedly till date the project has not been notified by the competent authority which was a pre-condition for grant of deduction u/s 80IA (4) of the Act. Under these circumstances, we are of the view that the deduction u/s 80IA(4) of the Act of Rs. 6,81,07,687/- in respect of Salarpuria Touchstone park cannot be allowed.
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